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I am having a big capital gain for this year 2017. How is…

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I am having a...

I am having a big capital gain for this year 2017

Accountant's Assistant: The Accountant will know how to help. Please tell me more, so we can help you best.

How is the best way to manage my tax burden

Accountant's Assistant: Is there anything else the Accountant should be aware of?

Sold real estate property in a 1031 exchange

Submitted: 4 months ago.Category: Tax
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12/13/2017
Tax Professional: Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional replied 4 months ago
Chad EA, CFP ®
Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional
Category: Tax
Satisfied Customers: 2,164
Experience: Federally licensed IRS Enrolled Agent, Certified Financial Planner (R), MBA
Verified

Hello, Welcome to JustAnswer!

My name is ***** ***** I will be able to assist you today.

The most common ways to reduce taxable income at the end of the year for business owners is purchasing items for businesses and fully funding your retirement accounts.

Capital gains tax is generally at a more favorable rate then ordinary income tax.

If you have any specific concerns or questions, I would be happy to discuss them with you.

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Tax Professional: Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional replied 4 months ago

Section 179 deduction dollar limits. The maximum amount you can elect to deduct for most section 179 property you placed in service in tax years beginning in 2017 is $510,000.

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Tax Professional: Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional replied 4 months ago

Contributions an employer can make to an employee's SEP-IRA cannot exceed the lesser of:

  1. 25% of the employee's compensation, or
  2. $55,000 for 2018 ($54,000 for 2017)
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Tax Professional: Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional replied 4 months ago

If you would like to discuss either of these items please let me know!

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Chad EA, CFP ®
Chad EA, CFP ®
Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional
Category: Tax
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Experience: Federally licensed IRS Enrolled Agent, Certified Financial Planner (R), MBA

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